Paying taxes apply to everyone (even celebrities)
I've read two stories this week on well known celebrities in tax trouble for not paying their taxes. Why? Who really knows. Did you ever hear the expression "the only things constant are death and taxes"? The constant about taxes is they must be paid. But what about those that don't pay? Well, some who should file haven't (trouble brewing there), some don't have to pay because their income doesn't rise to the level required to file and yet others work hard at tax planning so they can pay less or in some cases none at all.
Do I think the celebrities will have to pay eventually? I believe so and dearly with penalties and interest. Still, had they worked with a competent tax professional, it wouldn't for them have gone this far astray.
I am a CPA in San Antonio and provide bookkeeping, payroll, taxes and more. We offer a free initial visit and look forward to serving your business needs.
Richard J. Garcia | 06/15/2012